US$1.5B in gains for Guyanese businesses in last four years under Local Content Law – President

President Dr Irfaan Ali Tuesday told the 2025 Local Content Summit that in the last four years Guyanese businesses have benefitted from over US$1.5 billion in contracts and procurement.

President Ali said the local content law allows for inclusive participation in Guyana’s oil and gas sector specifically for Small and Medium Enterprises (SMEs) and women-owned businesses highlighting that “local content is an instrument of national development.”

He said that despite the criticisms, the government’s strong legislative and regulatory local content framework has proven effective.

“You know they were many naysayers when we first approached local content in the way in which we approached it, but when we see in 2024 (that) 1,100 Guyanese companies successfully added to the local content register that tells you something. It tells you that there is success, there is appetite, and that was facilitated through a legislative and regulatory arrangement,” President Ali said.

He further stated that with the structure, planning and decision-making capability of the local content law, it is no surprise that the sector has opened up opportunities for Guyanese businesses.

“We have seen all the successes in local content and what it has done for our country, our private sector, local investors and importantly for women owned businesses,” President Ali said. The President further pledged to close any gaps that are being abused under the act.

The Third Local Content Summit was held on Tuesday at the Mariott Hotel under the theme: Collaborate, Invest, Build – Shaping Guyana’s future together.” The Summit was an opportunity to share, learn and challenge local companies and to further seek partnership and solutions.

One of the organisers, Abbigale Loncke-Watson, emphasised that shaping Guyana’s future is not a solo task, it is a shared mission.

“In 2025, there is perhaps no greater strength than being a Guyanese owned business. We are the heartbeat of this nation’s growth story and this summit is designed to give us the tools, the knowledge and the network to strive,” Loncke-Watson said.